India’s Ministry of External Affairs (MEA) has confirmed that it is closely monitoring the proposed bipartisan Russia Sanctions Bill in the US, which could allow Washington to impose tariffs of at least 500% on countries importing oil from Russia, including India, China, and Brazil.
MEA spokesperson Randhir Jaiswal emphasized India’s approach to energy, stating that the country’s strategy balances global market conditions with the imperative of providing affordable energy to its 1.4 billion people. He said, “We are fully aware of the proposed bill being discussed, and we are carefully monitoring all related issues and developments connected with it.”
Jaiswal reiterated that India determines its energy policy and strategy by considering both global market dynamics and domestic energy needs, ensuring that supplies remain accessible and cost-effective for the population.
The proposed US bill, backed by President Donald Trump, aims to target countries buying Russian oil, which Republican Senator Lindsey Graham described as financing “Putin’s war machine” in Ukraine. Graham indicated that the legislation could give the US significant leverage over countries like India, China, and Brazil to curb their purchases of discounted Russian crude.
Key Points:
- Proposed US bill allows 500% tariffs on Russian oil imports.
- India is monitoring the bill but maintains its energy strategy focused on affordability.
- MEA emphasizes balancing global market conditions with domestic energy needs.
- US lawmakers view the bill as a tool to pressure countries financing Russia’s war in Ukraine.